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WorksheetsEcon Unit 1-1 Formative
Total questions: 10
Worksheet time: 18mins
What are the 4 factors of production?
Katherine is facing a difficult decision between how much time she spends as a cheerleader and how much time she spends studying her economics. She simply does not have enough time to do both. Which economic concept describes the problem she is facing?
Which of the following is an example of land?
Laptop computer
A Lawyer's knowledge of the law
A water pump
Water from a lake
Which of the following is an example of physical capital?
A shovel
Oil in Texas
Gold found in the Georgia mountains
A doctor's knowledge on how to prescribe medicine
Which of the following is an example of human capital?
Flowers in a garden
A nurse giving medicine to a patient
A teacher's desk
A teacher's knowledge learned in school
Ben's family purchased a dishwasher so that the family members could spend their time doing other things. This is an example of using what kind of factor of production?
Which of these terms is the BEST synonym for the "entrepreneurship" factor of production?
chef
employee
home owner
student
In a free enterprise system, what motivates individuals to start a business?
The risk of failure
The desire to earn a profit
The need for job security
The desire to make economic decisions
By the end of summer, Jason had saved enough money for college from his job as a writer. He even had some money left over. Although he wanted both, he decided to buy an Xbox rather than a digital camera. What is the opportunity cost in this scenario?
You had dinner with your friends on Friday instead of going to work. What is/are the cost(s) of the dinner?
